WHY does everyone think we should work for free?? (average, cheap, sell)
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Sometimes you find a gem in these old threads. How about this prediction from Jan. 2008? He said "It's only a matter of time". Six years later and the public has a free system that in many respects is better than the MLS.
Quote:
Originally Posted by PoliticalGab
I think that was the point.
We shouldn't need a license to see simple home listings. If the system were open to the general public the cost would be dramatically lower as well. You pay through the nose because it's a closed system, that only a few may access.
Much like the monopoly stock brokers and other market pros had on "real time" quotes, the MLS will eventually be open to the public. It's just a matter of time. Now anyone can get level three quotes if they pay for access. The same will happen with MLS.
The easy part is opening a few doors. Negotiating and protecting your interests in the contract through to closing is the hard part that requires training and expertise. I know a lot of people that have gotten into bad deals because their Realtor negotiated poorly or didn't know the caveats of the contract that can cause problems. For those of us that know what we're doing, we're worth every penny.
For the remark about the UK, maybe they're selling themselves short. The "traditional" 6% here is split between a buying and selling agent, so it's actually only 3%. It's hard to compare apples to apples though when you're dealing with two different countries. There are different costs of living, different caveats in transactions, different laws, etc.
Doctors in Canada and other places with socialized medicine don't get paid as much as Doctors in the US. Does that mean they're so much better here?
Um...Yes. Much better.
We have always used realtors, and the good ones are worth the money. The first one we used was terrible and didn't help us one bit.
Canadian doctors are just as good as american ones. It's not the doctors that were the issue with their healthcare when we lived in Canada. I've experienced both and I find the doctors to be very similar to the ones in the US. Some are great, most are good, and a few are terrible. (Just like realtors or any other profession.)
Sometimes you find a gem in these old threads. How about this prediction from Jan. 2008? He said "It's only a matter of time". Six years later and the public has a free system that in many respects is better than the MLS.
You had free places to view homes then too. MLS is still private. Pricing a home is still different from pricing a stock or other commodities. What has changed that I'm missing?
Zillow. Nothing in 2008 came close to what Zillow offers consumers today. That same commission-adverse buyer who felt hamstringed by the protective, paranoid MLS in 2008 can today see all MLS and FSBO listings on one free, consumer-friendly site. He can find a FSBO seller and do a deal without either side coughing up a penny to you or me. No need to wade through the clunky public side of regional MLS systems since he can see all the MLS listings AND FSBOs on Zillow. Our MLS data is out of the barn except for a few pockets of resistance.
Zillow. Nothing in 2008 came close to what Zillow offers consumers today. That same commission-adverse buyer who felt hamstringed by the protective, paranoid MLS in 2008 can today see all MLS and FSBO listings on one free, consumer-friendly site. He can find a FSBO seller and do a deal without either side coughing up a penny to you or me. No need to wade through the clunky public side of regional MLS systems since he can see all the MLS listings AND FSBOs on Zillow. Our MLS data is out of the barn except for a few pockets of resistance.
FSBO's were never on MLS before and they aren't now. Zillow may have better and sometimes accurate information than was offered in 2008 but there were still plenty of free places to view properties for sale. For that matter realtor.com then and now still has more current info and was available for all buyers to look at for free. Zillow has had no affect on commissions. Zillow makes money from real estate agents.
FSBO's were never on MLS before and they aren't now. Zillow may have better and sometimes accurate information than was offered in 2008 but there were still plenty of free places to view properties for sale. For that matter realtor.com then and now still has more current info and was available for all buyers to look at for free. Zillow has had no affect on commissions. Zillow makes money from real estate agents.
Correct, no FSBOs on MLS then or now. That's why the consumer prefers Zillow where she can see all MLS listings AND FSBOs together in one place. That is one major difference from the clunky 2008 sites. Realtor.com is doing such a good job that Zillow is eating their lunch with the vast majority of real estate web traffic.
Zillow does affect my commission when a seller lists their home on Zillow rather than the MLS and finds a buyer there. I know of several instances in my market where sellers have listed on Zillow for free and successfully sold their home there with no Realtor involvement on either side. Zillow both makes and takes money from real estate agents. I suspect they'd like to take more.
We have plenty of FSBO's on TMLS here. "EO" or "Entry Only" listings are FSBO. The only difference with an MLS FSBO is that agents who specialize in prospecting FSBO's for listing the properties cannot solicit them while the agent who EO'd them has them on MLS.
And Z does not have all FSBO's by a long shot. Not everyone puts their FSBO on Z.
Z does not affect me financially. That is not a consideration for me. They sometimes do make me work just a bit harder educating folks as to just how inaccurate their Zestimates are, since not everyone knows Zestimates are not a valuation. But, I don't lose income to Zillow, or Craigslist, or a community listserv function. There is plenty of business around, and I don't weep over consumer choice. I welcome consumer choice.
There have always been FSBO's, and putting a different wrapper on them does not create a loss of income for me.
"Walmart will not affect our business. Our customers appreciate the knowledge and service we provide."
Bob Smith-Smith's Hardware est. 1947 closed 2007
"Walmart will not affect our business. Our customers appreciate the knowledge and service we provide."
Bob Smith-Smith's Hardware est. 1947 closed 2007
Irrelevant rhetorical reference. Entirely different business models.
Irrelevant rhetorical reference. Entirely different business models.
Referencing underestimating changing business trends by using the well-known Walmart example. Seems pretty relevant to me. I imagine both of us will continue to succeed in real estate in our respective markets Zillow or not. Not trying to argue. I think discussing the future of our business and the changes the big new players are bringing can be productive.
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